Amazon (NASDAQ: AMZN) made huge efforts to woo customers through the Prime Day sale. However, it looks like all the efforts went in vain as it was like any other day at Amazon’s 48-hour Prime Early Access Sale held on October 11-12, as reported by the Wall Street Journal.
Notably, Amazon held a discount sale twice a year for the first time, with the first discount sale launched in July.
In a company press release, the CEO of Amazon Worldwide Stores Amazon, Doug Herrington, stated that “Prime Early Access Sale was a great kickoff to the holidays, and the best part is that it’s only the beginning. Customers will find millions of must-have deals throughout the season that will help them continue to save money on gifts for loved ones.”
However, the WSJ report highlighted that what was missing this time was more details and numbers to highlight the trend in sales. While in July, the Prime Day revenue numbers were not disclosed, the company did give out more details, calling it the biggest Prime Day.
Back in July, the company reported that customers bought more than 300 million items, compared to more than 100 million items sold in this week’s Prime Sale.
Is Amazon a Buy, Sell or Hold?
Despite the lackluster Prime Day sales, the Wall Street community remains optimistic about Amazon stock. Overall, the stock commands a Strong Buy consensus rating based on 35 Buys and one Hold. Amazon’s average price target of $171.94 implies 52.79% upside potential from current levels.
Concluding Thoughts
While the street was waiting for more details as an indication of what lies ahead, limited information on Prime Day suggests that e-commerce sales may remain lackluster due to high inflation and an uncertain macro outlook.
Investors will get further details when Amazon releases its Q3 earnings on October 27.
Read full Disclosure
